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charge-off

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Definition: A charge-off is a debt that has been determined uncollectible by the original creditor, usually after the debtor has become seriously delinquent. Typically charge-offs occur after six months of non-payment. Creditors can still collect on charge-offs because the debt is still valid. Charge-offs remain on your credit report for seven years from the date first reported.
Common Misspellings: chargeoff charge off

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